Westport Announces Intention to Acquire Certain Assets of Advanced Engine Components Limited of Australia
Westport Innovations Inc. (NASDAQ: WPRT) today announced that its wholly owned subsidiary, Westport Innovations (Australia) Pty Ltd., has entered into a business sale agreement to purchase certain assets of Advanced Engine Components Limited of Perth, Western Australia, for A$1.45 million (approximately US$1.6 million) to be paid in cash and assumed liabilities. Upon successful completion of the transaction, Westport will acquire AEC's Australian business assets including its intellectual property, key contracts, inventory and fixed assets. Westport will also assume AEC's Australian leased facility and take on approximately 11 of AEC's employees.
Advanced Engine Components Limited is a publicly listed Australian company (ASX code: ACE) specializing in research, development and production of patented electronic fuel injection and engine management technologies that enable vehicle engines to run on natural gas. AEC's engine component products are aimed at optimizing engine performance while lowering vehicle emissions and costs. Original equipment manufacturers (OEMs) that currently use AEC products include Tata Motors Limited.
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